from Kurt Badenhausenof Sportico,

The Nashville Predators were on the verge of relocating 15 years ago when a group of local businessmen stepped in to buy the team for $175 million and keep it in Music City. The club is now on the verge of another transaction, to former Tennessee Gov. Bill Haslam, that values the franchise at roughly $775 million, mirroring a surge in franchise values across the NHL over the past decade.

The average NHL franchise is worth $1.01 billion—crossing the 10-figure mark for the first time—and up 9% from a year ago. The total value of the league’s 32 clubs, including ownerships’ stakes in real estate, venues, TV networks and team-related holdings, is $32.4 billion. The Toronto Maple Leafs rank first at $2.12 billion, $110 million ahead of the New York Rangers.

Like the NFL and NBA, which soak up many of the sports business headlines, the NHL has similar levers that make the clubs valuable. David Blitzer, global head of tactical opportunities at Blackstone, has acquired ownership stakes across the five major U.S. sports leagues, including the New Jersey Devils. He laid out his two most powerful drivers for the investment in sports teams at Sportico’s Invest in Sports event last month.

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Find the NHL Team Ranking value here.